Within 24 hours of Flamingo Finance’s launch, the DeFi protocol surpassed US $100 million of total inflow in assets. The activity has come through Flamingo’s Wrapper and Flamincome modules, which were launched on September 23rd.
Wrapper is a cross chain gateway that allows users to wrap tokens on Neo as NEP-5 assets, including tokens from other blockchains (such as ETH or ONT). Flamincome is a yield aggregator that allows Ethereum users to optimize their staking yields while participating in Neo’s DeFi ecosystem through Flamingo. Together, these modules enable users to prepare tokens for staking in Flamingo’s FLM Mint Rush event, starting September 25th.
At the time of publishing, total wrapped assets stand as follows:
- 5,508,826 NEO wrapped to nNEO
- 379.47 BTC wrapped to pnWBTC
- 7,350.127 ETH wrapped to pnWETH
- 5,535,448.595 USDT wrapped to pnUSDT
- 7,944,694.529 ONT wrapped to pONTd
For the most part, the Flamingo launch has proceeded smoothly. The next step will be for users to stake their newly wrapped tokens into Vault upon the launch of the Mint Rush.
With a large amount of initial activity, some Flamingo users experienced temporary loading issues which have since been resolved.
There has also been reports of difficultly unwrapping nNEO when using a Ledger. At the time of press, it’s unclear whether this is an issue with the O3 Wallet, a consequence of the Ledger’s limited memory, or due to insufficient fees. NGD is aware of nNEO unwrapping issues and has established a workaround by manually triggering partial unwrap attempts that are “stuck.”
NGD has conveyed that user funds are still accessible and safe. In the meantime, users may send nNEO to a non-Ledger wallet and attempt to unwrap from there.
Looking forward, the Mint Rush is on schedule for its September 25th launch date at 1:00 pm (UTC). NGD also released the FLM token distributions via staking pools, which note the addition of OKEx and Binance as liquidity pool providers. FLM tokens will be distributed accordingly:
- NEO (50% of FLM supply)
- WBTC (10% of FLM supply)
- USDT (10% of FLM supply)
- ETH (5% of FLM supply)
- ONT (5% of FLM supply))
- UNI-V2-ETH-WBTC (2.5% of FLM supply)
- BNB (11.25% of FLM supply)
- BUSD (1.25% of FLM supply)
- OKB (5% of FLM supply)
The full announcement can be found at the link below:
https://medium.com/flamingo-finance/flamingo-flamincome-progress-update-24-09-2020-f25f6f20ee8e
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
More posts by Dylan Grabowski